E4D: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
E4D
Largest movements
- Cash -€52,049
down €52,049 (-82.5%), from €63,100 to €11,051
mainly Contributions, distributions and other (-€70,112) and Investment in fixed assets (net) (-€35,687)
- Current investments -€35,000
down €35,000 (-50.0%), from €70,000 to €35,000
- Tangible fixed assets +€33,644
up €33,644 (+1636.0%), from €2,057 to €35,701
of which Other tangible fixed assets: +€30,193
- Receivables within one year +€8,326
up €8,326 (+44.9%), from €18,546 to €26,872
of which Trade receivables: +€8,281
- Deferred charges and accrued income +€1,737
up €1,737 (+63.3%), from €2,746 to €4,483
- Reserves -€67,704
down €67,704 (-58.4%), from €116,004 to €48,300
- Other debts +€19,698
up €19,698 (+116.4%), from €16,927 to €36,625
- Trade debts +€4,675
up €4,675 (+102.5%), from €4,562 to €9,237
- Financial charges +€31,864
up €31,864 (+97.2%), from €32,774 to €64,639
- Gross operating margin +€20,528
up €20,528 (+41.2%), from €49,869 to €70,397
- Taxes -€5,861
down €5,861 (-75.3%), from €7,782 to €1,921
- Depreciation +€1,474
up €1,474 (+259.1%), from €569 to €2,043
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €156,448 | €113,106 | -€43,342 | -27.7% |
| Fixed assets | 21/28 | €2,057 | €35,701 | +€33,644 | +1636.0% |
| Tangible fixed assets | 22/27 | €2,057 | €35,701 | +€33,644 | +1636.0% |
| Plant, machinery and equipment | 23 | €900 | €4,544 | +€3,644 | +405.0% |
| Furniture and vehicles | 24 | €1,157 | €964 | -€192 | -16.6% |
| Other tangible fixed assets | 26 | - | €30,193 | +€30,193 | |
| Current assets | 29/58 | €154,392 | €77,405 | -€76,986 | -49.9% |
| Amounts receivable within one year | 40/41 | €18,546 | €26,872 | +€8,326 | +44.9% |
| Trade receivables | 40 | €15,823 | €24,104 | +€8,281 | +52.3% |
| Other amounts receivable | 41 | €2,723 | €2,768 | +€45 | +1.6% |
| Current investments | 50/53 | €70,000 | €35,000 | -€35,000 | -50.0% |
| Cash at bank and in hand | 54/58 | €63,100 | €11,051 | -€52,049 | -82.5% |
| Deferred charges and accrued income | 490/1 | €2,746 | €4,483 | +€1,737 | +63.3% |
| Total equity and liabilities | 10/49 | €156,448 | €113,106 | -€43,342 | -27.7% |
| Equity | 10/15 | €128,404 | €60,700 | -€67,704 | -52.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €116,004 | €48,300 | -€67,704 | -58.4% |
| Distributable reserves | 133 | €116,004 | €48,300 | -€67,704 | -58.4% |
| Amounts payable | 17/49 | €28,044 | €52,406 | +€24,362 | +86.9% |
| Amounts payable within one year | 42/48 | €25,644 | €50,006 | +€24,362 | +95.0% |
| Financial debts | 43 | - | €644 | +€644 | |
| Credit institutions | 430/8 | - | €644 | +€644 | |
| Trade debts | 44 | €4,562 | €9,237 | +€4,675 | +102.5% |
| Suppliers | 440/4 | €4,562 | €9,237 | +€4,675 | +102.5% |
| Taxes, remuneration and social security | 45 | €4,154 | €3,500 | -€654 | -15.8% |
| Taxes | 450/3 | €2,154 | - | -€2,154 | |
| Remuneration and social security | 454/9 | €2,000 | €3,500 | +€1,500 | +75.0% |
| Other amounts payable | 47/48 | €16,927 | €36,625 | +€19,698 | +116.4% |
| Accrued charges and deferred income | 492/3 | €2,400 | €2,400 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €569 | €2,043 | +€1,474 | +259.1% |
| Other operating charges | 640/8 | €139 | €296 | +€157 | +112.8% |
| Gross operating margin | 9900 | €49,869 | €70,397 | +€20,528 | +41.2% |
| Operating profit (loss) | 9901 | €49,161 | €68,058 | +€18,897 | +38.4% |
| Financial income | 75/76B | €1,067 | €910 | -€156 | -14.7% |
| Recurring financial income | 75 | €1,067 | €910 | -€156 | -14.7% |
| Financial charges | 65/66B | €32,774 | €64,639 | +€31,864 | +97.2% |
| Recurring financial charges | 65 | €32,774 | €64,639 | +€31,864 | +97.2% |
| Profit (loss) for the period before taxes | 9903 | €17,453 | €4,330 | -€13,124 | -75.2% |
| Income taxes | 67/77 | €7,782 | €1,921 | -€5,861 | -75.3% |
| Profit (loss) for the period | 9904 | €9,671 | €2,408 | -€7,263 | -75.1% |
| Profit (loss) for the period to be appropriated | 9905 | €9,671 | €2,408 | -€7,263 | -75.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.